Netflix Converts Warner Bros. Discovery Bid To All-cash

Netflix, on Tuesday, amended its takeover offer for Warner Bros. Discovery (WBD) into an all‑cash proposal of $27.75 per share, removing the stock component in a bid to counter a hostile approach from Paramount Global.

The revised offer maintains an enterprise value of about $82.7 billion and targets WBD’s film and television studios, HBO, and HBO Max, while excluding cable networks, which would be spun off into a separate company, Discovery Global.

WBD’s board has unanimously approved the amended Netflix bid, setting a shareholder vote for April 2026, even as Paramount pursues a rival $108.4 billion all‑cash hostile bid at $30 per share, along with legal and proxy challenges.

After weeks of uncertainty over expiring carriage agreements, MultiChoice (under Canal+ ownership) reached a multi-year deal with WBD on December 31, 2025, preserving 12 WBD channels on DStv and GOtv and averting a potential blackout on January 1. Channels retained include CNN International, Cartoon Network, Cartoonito, TNT Africa, and Discovery networks.

Separately, four channels from Paramount Africa and CBS AMC—BET Africa, MTV Base, CBS Reality, and CBS Justice—were discontinued on DStv on January 1, 2026.

The carriage agreement includes plans to launch HBO Max as a dedicated tile/service on MultiChoice platforms in 2026, ensuring continued local access to HBO programming even as Netflix pursues WBD’s production assets.

Millions of Nigerian subscribers were spared the immediate loss of core news and children’s channels, which are often cited as key reasons households retain DStv subscriptions. This prevented disruption to school-time programming and international news access.

However, some subscribers have noted that prices have not decreased despite the permanent loss of four channels, fueling debates over value for money in a market where pay-TV is a major household expense.

Analysts warn that the episode highlights the fragility of regional content supply chains, as global mergers and carriage negotiations can quickly alter local lineups, pushing viewers toward standalone streaming services or cheaper alternatives.

Shareholder votes in April 2026 on the Netflix-WBD deal and Paramount’s legal and proxy challenges could determine which assets remain bundled for international carriage.